Loading price data
This is the Recycling, Scrap Metal, Commodities and Economic Report, April 15th, 2024.
U.S. weekly raw steel production rose slightly to 1.74MT on slow U.S. manufacturing.
WTI crude oil price fell to $85.66/b. remaining high. This was on continued the Middle East Conflicts and a very good U.S. economy that is bringing higher oil demand.
U.S. weekly crude oil production was steady at 13.1Mb/d, just off the all-time high. The good economy brings good demand and higher prices.
The U.S. weekly oil rig count fell to 506 as production remains near the record level.
Scrap steel #1 HMS price was steady at $325/GT, on a good balance of supply and demand.
Hot-roll coil steel price fell to $41.19/cwt., $824/T on slow U.S. manufacturing.
Copper price rose to $4.32/lb., an almost two year high on the strong dollar. Also, on improving Chinese demand and supply problems in Panama and Chile.
Aluminum price rose to $1.13/lb., $2,481/mt on the same strong dollar, improving Chinese demand and as supply problems in Guinea continue.
Chinese March exports dropped 7.5% vs last year, worse than the 3% forecast. It highlights the good but uneven Chinese recovery.
U.S. March CPI consumer price index rose to 3.5% vs last year. Energy, shelter, and transportation all rose. New and used cars fell.
U.S. U of M April consumer sentiment survey fell to 77.9 from March’s 79.4 which was near a three year high. Current and future expectations fell.
U.S. weekly initial unemployment claims fell to 211,000 the lowest in a month. Note that under 300,000 is considered a good economy. This supports the Federal Reserve holding interest rates higher for longer.
U.S. March Producer price index, which wholesale index. It rose 2.1% vs last year, which was higher than in recent months, but below the forecast of 2.2% and near the 70 year historical average.
Wall Street’s Dow Jones industrial average fell 918 points to 37,983. The strong economy is bringing higher inflation so slower interest rate cuts. The stock market wants rate cuts sooner rather than later so it went down.
BENLEE roll off trailers, gondola trailers and lugger trucks have a big problem. They are built so well that they last for decades, which hurts selling new ones. See the pictures from Jake Bronstein of Merrillville Metal Recycling. His team rebuilt a 30 year old BENLEE that now looks new. Bummer we lost selling a new one and yes, I am kidding.
This report by Greg Brown from is brought to you by BENLEE roll off trailers, gondola trailers, crushed car trailers, lugger trucks, roll off trailer parts and roll off truck parts.
Member